What You Need to Know
- The IRS is giving retirement plan sponsors and IRA custodians more time to amend their documents for CARES and Secure Act changes, Slott says.
Advisors who sponsor retirement plans have been given three more years to comply with certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019, or Secure Act, as well as the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act.
The Internal Revenue Service provided the extension for compliance with the Secure and CARES Act amendments in a recent notice.
The relief, according to Ed Slott of Ed Slott and Co., gives retirement plan sponsors “more time to amend their documents for CARES and SECURE Act changes.”
Under the CARES Act, the IRS notice extends the deadline “solely” with respect to the 2020 waiver of required minimum distributions, Groom Law Group notes in a recent alert.
The Secure Act amendments were due at the end of this year, according to Lou Mazawey, principal at Groom Law Group in Washington.